Los Angeles Capital Management & Equity Research Inc. raised its stake in Pure Storage Inc (NYSE:PSTG) by 2,544.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 714,291 shares of the technology company’s stock after buying an additional 687,281 shares during the period. Los Angeles Capital Management & Equity Research Inc. owned 0.31% of Pure Storage worth $18,536,000 at the end of the most recent quarter.
A number of other institutional investors also recently modified their holdings of the business. FMR LLC raised its stake in shares of Pure Storage by 66.8% during the second quarter. FMR LLC now owns 15,114,725 shares of the technology company’s stock valued at $360,940,000 after acquiring an additional 6,055,122 shares during the last quarter. Morgan Stanley raised its stake in shares of Pure Storage by 175.7% during the second quarter. Morgan Stanley now owns 2,480,932 shares of the technology company’s stock valued at $59,244,000 after acquiring an additional 1,581,205 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Pure Storage by 165.3% during the second quarter. Bank of America Corp DE now owns 2,322,372 shares of the technology company’s stock valued at $55,458,000 after acquiring an additional 1,446,951 shares during the last quarter. First Trust Advisors LP raised its stake in shares of Pure Storage by 414.7% during the third quarter. First Trust Advisors LP now owns 2,179,168 shares of the technology company’s stock valued at $56,549,000 after acquiring an additional 1,755,742 shares during the last quarter. Finally, Voya Investment Management LLC raised its stake in shares of Pure Storage by 4,195.3% during the second quarter. Voya Investment Management LLC now owns 1,803,525 shares of the technology company’s stock valued at $43,069,000 after acquiring an additional 1,761,537 shares during the last quarter. Hedge funds and other institutional investors own 69.65% of the company’s stock.
In other Pure Storage news, CEO Charles H. Giancarlo sold 54,990 shares of Pure Storage stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $27.46, for a total value of $1,510,025.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Timothy Riitters sold 25,000 shares of Pure Storage stock in a transaction on Wednesday, August 29th. The shares were sold at an average price of $26.56, for a total transaction of $664,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 364,417 shares of company stock valued at $9,010,080. Insiders own 15.30% of the company’s stock.
PSTG opened at $20.81 on Friday. Pure Storage Inc has a 1-year low of $15.81 and a 1-year high of $29.14. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.91 and a current ratio of 4.03.
Pure Storage (NYSE:PSTG) last posted its quarterly earnings results on Tuesday, August 21st. The technology company reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.07. Pure Storage had a negative net margin of 15.07% and a negative return on equity of 30.30%. The firm had revenue of $308.90 million during the quarter, compared to the consensus estimate of $301.32 million. During the same period in the previous year, the firm posted ($0.11) earnings per share. The business’s revenue was up 37.5% compared to the same quarter last year. Equities research analysts predict that Pure Storage Inc will post -0.66 EPS for the current fiscal year.
PSTG has been the subject of several analyst reports. JPMorgan Chase & Co. initiated coverage on shares of Pure Storage in a research note on Friday, July 27th. They set an “overweight” rating and a $30.00 price target for the company. Citigroup raised their price target on shares of Pure Storage to $34.00 and gave the company a “buy” rating in a research note on Thursday, September 6th. Zacks Investment Research downgraded shares of Pure Storage from a “buy” rating to a “hold” rating in a research note on Monday, August 27th. Bank of America reaffirmed a “buy” rating and set a $33.00 price target on shares of Pure Storage in a research note on Wednesday, September 19th. Finally, William Blair reissued an “outperform” rating on shares of Pure Storage in a research note on Wednesday, October 10th. Seven research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $26.55.
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Pure Storage Company Profile
Pure Storage, Inc engages in building a data platform that enables businesses to enhance performance and reduce complexity and costs worldwide. The company delivers its data platform through Purity Operating Environment, an optimized software for solid-state memory that offers enterprise-class storage and protocol services; FlashArray and FlashBlade optimized hardware products for solid-state memory to enhance the performance and density of flash, optimize its advanced software services, and reduce solution cost for customers; Pure1, a cloud-based management and support software; and FlashStack, a converged infrastructure solution.
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